Cassiar Asbestos Corporation Limited

SUITE 1001 FEDERAL BUILDING
85 RICHMOND STREET WEST
TORONTO 1, CANADA

January 23rd, 1953.

To the Shareholders,

Cassiar Asbestos Corporation Limited:

On January 16th, 1953 the Shareholders in a Special General Meeting ratified By-law
No. 87 increasing the authorized capital from 2,500,000 shares without nominal or par value to
4,000,000 shares without nominal or par value. Since that date and pursuant to the said By-law,
Supplementary Letters Patent confirming the said increase have been issued by your Company.
Your Directors have resolved to offer to Shareholders of record at close of business on January
23rd, 1953, the Right to subscribe for one further share at $4.00 per share for each five shares
then held. An assignable share purchase Warrant is enclosed herewith. The Right to subscribe
for further shares will expire at 4:00 p.m. Eastern Standard Time on Monday, March 2nd, 1953.

The shares of your Company are not registered under the United States “Security Act
of 1933” and the amendments thereto. The above-mentioned offering of Rights to subscribe
for further shares is being made in Canada but not in the United States of America, and is not,
and under no circumstances is to be, construed as an offering of any shares for sale in the
United States of America or the Territories or possessions thereof or as an offering to any
resident of the United States of America or as a solicitation therein of an offer therein to buy
any of the said shares. Your Company will not accept subscriptions from any subscriber or his
agent who appears to be or who your Company has reason to believe is a resident of the United
States of America or of a Territory or possession thereof.

Your Company is informed that there is no objection to a United States Shareholder
selling in Canada his Rights to subscribe. The share purchase warrants will be traded on The
Toronto Stock Exchange.

By Order of the Board,

F. M. CONNELL,

President.